The Tax Foundation on Monday said the final GOP tax bill would increase the national debt by $448 billion over the next decade, far less than the estimated $1.5 trillion in lost tax revenues under the bill.
The Tax Foundation said under its dynamic scoring model, the tax cuts Republicans hope to pass into law this week would increase GDP by 1.7 percent over the decade. It would also increase wages by 1.5 percent, and create 339,000 jobs.
Those changes would return $600 billion in tax revenues to the government due to increased growth, and the group said even more would be returned due to other factors.
"Overall, the plan would decrease federal revenues by $1.47 trillion on a static basis and by $448 billion on a dynamic basis, due to the aforementioned $600 billion in dynamic revenue reflow, expiration of multiple provisions, and the addition of the revenue generated from the functional repeal of the individual mandate," the group said.
The analysis is likely to put Republicans more at ease when it comes to passing the bill this week. Several conservatives in Congress worry the bill would increase the national debt over time, and sought spending offsets to cover that increase.
In the Senate, however, Republicans appear to be unified around the final bill, and are expected to pass it as early as Tuesday.